Kentucky Statutes 286.10-285 – Prohibited conduct by title pledge lenders
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A title pledge lender shall not:
(1) Accept a pledge from a person under eighteen (18) years of age, from anyone who appears to be intoxicated, or from any person known to the title pledge lender to have been convicted of larceny, burglary, or robbery;
(2) Make any agreement giving the title pledge lender any recourse against the pledgor other than the title pledge lender’s right to take possession of the titled personal property and certificate of title upon the pledgor’s default, and to sell the titled personal property;
(3) Accept any waiver, in writing or otherwise, or any right or protection accorded a pledgor under KRS § 286.10-200 to KRS § 286.10-285 and KRS § 286.10-991;
(4) Fail to exercise reasonable care to protect from loss or damage titled personal property or certificates of title in the physical possession of the title pledge lender;
(5) Purchase pledged titled personal property in the operation of its business; (6) Maintain more than one (1) title pledge office per license;
(7) Violate the provisions of KRS § 286.10-260 or any administrative regulation promulgated by the department;
(8) Operate a title pledge office on the same premises as a pawnbroker as defined in
KRS § 226.010; or
(9) Lend moneys in excess of four thousand dollars ($4,000) to any one (1) title pledge borrower at a given time.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 832, effective July 15, 2010. — Created
1998 Ky. Acts ch. 242, sec. 18, effective July 15, 1998.
Formerly codified as KRS § 368.285
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
(1) Accept a pledge from a person under eighteen (18) years of age, from anyone who appears to be intoxicated, or from any person known to the title pledge lender to have been convicted of larceny, burglary, or robbery;
Terms Used In Kentucky Statutes 286.10-285
- Department: means the Department of Financial Institutions. See Kentucky Statutes 286.1-010
- Person: means a natural person, or any type or form of corporation, company, partnership, proprietorship, association, or other legal entity. See Kentucky Statutes 286.1-010
- Personal property: All property that is not real property.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- Statute: A law passed by a legislature.
- Violate: includes failure to comply with. See Kentucky Statutes 446.010
(2) Make any agreement giving the title pledge lender any recourse against the pledgor other than the title pledge lender’s right to take possession of the titled personal property and certificate of title upon the pledgor’s default, and to sell the titled personal property;
(3) Accept any waiver, in writing or otherwise, or any right or protection accorded a pledgor under KRS § 286.10-200 to KRS § 286.10-285 and KRS § 286.10-991;
(4) Fail to exercise reasonable care to protect from loss or damage titled personal property or certificates of title in the physical possession of the title pledge lender;
(5) Purchase pledged titled personal property in the operation of its business; (6) Maintain more than one (1) title pledge office per license;
(7) Violate the provisions of KRS § 286.10-260 or any administrative regulation promulgated by the department;
(8) Operate a title pledge office on the same premises as a pawnbroker as defined in
KRS § 226.010; or
(9) Lend moneys in excess of four thousand dollars ($4,000) to any one (1) title pledge borrower at a given time.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 832, effective July 15, 2010. — Created
1998 Ky. Acts ch. 242, sec. 18, effective July 15, 1998.
Formerly codified as KRS § 368.285
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.